There is an increasing global demand for fair competition and corporate social responsibility.
The LS has been striving to enhance transparency and credibility since it adopted an in-house Compliance Program (CP) at the group level last year in order to spread a culture of transparency and fair trade.
The Fair-Trade Self-Compliance Program is an internal control system and a standard that a company establishes and manages on its own in order to comply with laws and regulations related to fair trade.
The creation of such a program will enhance employees’ awareness of compliance and ethics,help preemptively mitigate risks and spread and internalize a culture of fairness.
More specifically, we will publish a Fair-Trade Self-Compliance Manual, a set of operational guidelines to raise awareness about compliance ethics,and establish fair and transparent trade practices by encouraging our employees to learn about and adhere to relevant laws and regulations.
The company will provide systematic education and support so that this program can serve as a management tool to enhance corporate value and competitiveness.Moreover, by adopting a ‘non-tolerance principle’, we will impose strict sanctions on behaviors that undermine the culture of fairness such as legal violations and failure to fulfill individual obligations.As we step forward into the future, the LS will become ever more renowned for the intent and content of its fair-trade self-compliance program as well as its active participation to ensure that a culture of fairness can be established.
Roe-Hyun Myung, CEO LS Corp.